Feb. 13, 2025

We're excited to announce our new format "Crypto Daybook Americas" will replace "First Mover" on Feb. 24. "Crypto Daybook Americas" is your new morning briefing on what happened in crypto markets overnight to equip you with what you'll need to know about during the coming day. It will arrive in your inbox at 7 a.m. ET to kickstart your morning with comprehensive insights and analysis. If you want a preview, "Crypto Daybook Americas" is already being published on the CoinDesk website, so hop over and take a look. You don't need to do anything to sign up, you'll start receiving "Crypto Daybook Americas" automatically when it starts coming out.

CoinDesk 20 Index: 3,191.31  +0.04%
Bitcoin (BTC): $95,805.54  -0.16%
Ether (ETH): $2,660.56  +1.12%
S&P 500: 6,051.97  -0.24% 
Gold: $2,945.7 +1.26%
Nikkei 225: 38,963.7 +0.42%

Crypto traders bought the dip as Wednesday's hotter-than-expected U.S. CPI inflation print briefly shook markets. BTC slid to near $94,000 yesterday before quickly rebounding to $98,000 with other cryptocurrencies following suit. BTC is little changed over 24 hours, trading around $96,000, while ETH and other major altcoins posted single-digit gains. BNB, the native token of Binance-adjacent BNB Chain, is a notable outperformer surging almost 10% as DeFi activity rejuvenated on decentralized exchange PancakeSwap. Zooming out, crypto markets are still in a consolidation phase as bitcoin's trading range tightens. With Fed rate-cut expectations pushed out until September, traders will monitor the PPI report, due at 13:30 UTC, for more clues of resurging inflation in the U.S. and monetary policy path.

Metaplanet, the Tokyo-listed firm that follows MicroStrategy's bitcoin acquisition strategy, is set to join the MSCI Japan Index at the end of the month. As a result of inclusion, Metaplanet will benefit from increased exposure to global investment funds and ETFs that track MSCI indices. The firm raised $26 million issuing 0% unsecured, unguaranteed ordinary bonds to acquire more bitcoin. The company's share is one of the best-performing asset, up 3,912% in a year.

Coinbase is in talks to return to India after exiting the market two years ago. According to a TechCrunch report, the exchange's representatives held talks with local authorities including the Financial Intelligence Unit (FIU) to secure regulatory approval for the exchange. The company joins other crypto exchanges such as Binance and Bybit in looking to establish, or reestablish, a presence in the world's most populous country. Coinbase will report fourth-quarter earnings later on Thursday after market close.

Popular trading platform Robinhood (HOOD) beat fourth-quarter earnings and revenue estimates, which could have positive read-through for peer Coinbase (COIN).

Robinhood said fourth-quarter revenue rose 115% from the previous year to $1.01 billion, beating Wall Street analysts' estimate of $945.8 million, according to FactSet data. Transaction-based revenue tripled from the previous year, mainly due to a 700% rise in cryptocurrency revenue, the firm said in a statement.

The results could bode well for crypto exchange Coinbase, which reports earnings on Thursday after the market close. The platforms share a similar client base and get most of their revenue from trading fees. Wall Street analysts expect COIN to post a strong quarter in terms of trading volume as a result of the election of crypto-friendly President Donald Trump, which sent crypto prices to new highs in November.

Estimates on FactSet predict Coinbase will report revenue of $1.8 billion, up from $1.26 billion in the third quarter and exchange volume of $195.9 billion, up from $185.3 billion.

- Omkar Godbole